BUSINESS
We are not Sri Lanka, says Pakistan bank chief
Sri Lanka is currently undergoing its worst ever economic crisis since it gained independence in 1948 following crippling foreign currency shortages, which has affected the import of essential items, including food, fuel and medicines. Addressing an SBP podcast, Syed admitted that "there is no doubt that the economy is facing challenges and the economies of many countries are in trouble due to commodity high prices after Covid. Sri Lanka is one of them, but they did not manage well and took some wrong or late decisions that created problems for the country",
World food commodity prices declined modestly in May: FAO
The FAO Food Price Index averaged 157.4 points in May 2022, down 0.6 per cent from April. The Index, which tracks monthly changes in the international prices of a basket of commonly-traded food commodities, however, remained 22.8 per cent higher than in May 2021. The FAO Cereal Price Index increased by 2.2 per cent from the previous month, led by wheat prices, which were up 5.6 per cent from April and 56.2 per cent from their corresponding value a year earlier.
Holiday season boosts travel, hospitality with 357% growth in hiring: Report
India showed promising signs of economic recovery in May 2022 with hiring across key sectors witnessing an upward year-on-year trajectory and a stable sequential trend. According to the latest Naukri JobSpeak May '22 Index, the surge in hiring activity stays put as it records over 40 per cent y-o-y growth in May.
Insuretech platform Policygenius lays off 25% of its workforce
Jamisson Buck, a life insurance agent at Policygenius, wrote in a LinkedIn post late on Thursday that the company has made the "extremely difficult decision to lay off 25 per cent of its staff". "I unfortunately was part of that layoff. I want to thank the entire team for the last 19 months. It's now time to search for the next opportunity," wrote Buck.
OPEC+ agrees to significant oil output increases in July
The group on Thursday agreed to increase oil production by 648,000 barrels per day (bpd) in July, higher than its previous monthly increases of 432,000 bpd, Xinhua news agency reported. The 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and "redistribute equally" the 432,000 bpd output increases for July and August, according to an OPEC statement released after the meeting.
Power sector coal import comes down by 40%
"The decline in coal imports during 2021-22 is largely due to decrease in imports by the Power Sector which came down from 45 MT in 2020-21 to 27 MT in 2021-22, a decline of almost 40 per cent. The decline is more steep if we compare coal imports by power sector in 2021-22 to pre-Covid year of 2019-20 when such imports were 69 MT.
NRAI says service charge levy by restaurants matter of individual policy
In its meeting with the Department of Consumer Affairs, NRAI officials reiterated, as stated earlier in 2017, that levy of service charge is neither illegal, nor an unfair trade practice as alleged. This matter had also come up in 2016-17, and the NRAI had provided its response to the government. On Thursday, the body reiterated the points as were put up earlier in 2017.
Micron Ventures to invest $200 mn in deep tech startups
The latest investment builds on success of Micron Ventures Fund I and brings total assets under management to $300 million. Since its inception, Micron Ventures has made investments in 25 startups, yielding strong financial returns and multiple unicorn companies within the portfolio, it said in a statement.
RBI launches annual survey on foreign liabilities, assets of MF, AMC
The survey collects information from mutual fund companies and asset management companies on their external financial liabilities and assets as at the end of March of the latest financial year. The survey results are released in the public domain besides being used for compilation of balance of payments statistics and other uses.
Over 20K startup employees lose jobs globally, India and US top list
According to layoff aggregator Layoffs.fyi, at least 20,514 people have lost their jobs at tech startups globally since April globally and the US is leading the race. The number doubled over the past two weeks, indicating that the labour market for the sector has taken a turn for the worse, reports Nikkei Asia. Ironically, this figure does not take contractual workers into accounts which have lost their jobs in the startup funding winter.
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